AFTERMARKET AUTOMOTIVE PARTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has established itself as the dominant region in the global aftermarket automotive parts market with an estimated market share of 37.1% in 2024, due to strong presence of leading automotive brands and car maintenance shops. The U.S. is home to big auto parts manufacturers who cater to both domestic as well as international markets. North American parts and components meet stringent quality standards and specifications set by automakers known for their reliability and performance. With one of the highest vehicle parc, there will be huge demand for replacement parts in the region.

Asia Pacific region is emerging as the fastest growing market for aftermarket automotive parts globally. China witness growth due to  factors such as rising vehicle ownership, increasing miles clocked and average age of vehicles. Moreover, the presence of key global automakers and their supplier ecosystem strengthen the region's market growth. Affordable pricing of auto parts in Asia Pacific enables greater accessibility. Countries like India and ASEAN nations witness growth in sales of replacement car parts and accessories due to growing road infrastructure and mileage. The aftermarket automotive parts market is flourishing, further, stimulating the requirement for fixes and maintenance. Vast size and growth prospects makes Asia Pacific an attractive market for both domestic as well as global aftermarket automotive parts suppliers.